Capitalisation of an item
This query is : Resolved
Mandeep Singh
(Querist)
17 March 2008
We have estabishe a fish pond in our plant which is made up of Cement and its cost is around Rs.1.75 lac.
Can we treat it as our asset?
If yes, then please guide under which head Building and can we claim depreication on it?
Can we treat it as our asset?
If yes, then please guide under which head Building and can we claim depreication on it?
CA Hemant T Dewani
(Expert)
17 March 2008
THIS IS AN ASSSETS YOU WILL TAKE SEPERATE
HEAD IN BUILDING BUT THIS IS NOT USE FOR
MANUFACTURING THEN YOU WILL TAKE NORMAL DEPRICIATION U/S 32
HEAD IN BUILDING BUT THIS IS NOT USE FOR
MANUFACTURING THEN YOU WILL TAKE NORMAL DEPRICIATION U/S 32
17 March 2008
It is nothing but part of Building itself. Hence, additional depreciation concept does not arise because add dep applies only to Plant & machinery
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